Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

The Company primarily enters into leases for office space that are classified as operating leases. Most leases are not cancelable prior to their expiration.

The Company terminated one of its operating leases for office space and modified another during the third quarter of 2023 that increased its lease payments by $0.2 million. The Company recognized a total decrease of $4.2 million to operating lease assets, $0.7 million to the current portion of operating lease liabilities included in accrued expenses and other current

liabilities, and $4.7 million to the non-current portion of operating lease liabilities on the consolidated balance sheets for the lease termination and lease modification. As part of the lease termination, the Company agreed to forfeit a $0.9 million security deposit included in other non-current assets on the consolidated balance sheets. The Company recognized a $0.2 million gain on lease termination within operating expenses on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023.

The following table presents the components of operating lease cost for the years ended December 31, 2024, 2023, and 2022 (in thousands):

	Year ended December 31,
	2024		2023		2022
Operating lease cost	$	2,807	$	3,206	$	4,300
Short-term lease cost	101		73		249
Variable lease cost	321		317		353
Total operating lease cost	$	3,229	$	3,596	$	4,902

The expected maturities related to the Company’s leases with initial non-cancellable lease terms in excess of one year as of December 31, 2024 are as follows:

Year ended December 31,	Operating Lease Payments
2025	$	3,664
2026	3,749
2027	3,835
2028	3,921
2029	3,454
2030 and thereafter	9,354
Total gross operating lease payments	27,977
Less: imputed interest	(5,142)
Total operating lease liabilities, reflecting the present value of net lease payments	$	22,835

Additional information related to operating leases is presented as follows:

	December 31,
	2024		2023		2022
Weighted average remaining lease term (in years)	7.5		8.4		8.8
Weighted average discount rate	5.9	%	5.9	%	5.5	%

	Year ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,557	$	3,121	$	2,042
Non-cash activities involving right-of-use assets and lease liabilities:
Derecognition of right-of-use assets	—		4,163		—
Derecognition of operating lease liabilities	—		5,401		—